Jaypee group firms clear divestment of cement unit, non-core assets to lower debt

The board of directors of Jaiprakash Power Ventures (JPVL) and  Jaiprakash Associates (JAL) - two firms under the aegis of Jaypee Group - have approved divestment plans to reduce their debt.

While the board of JPVL has approved the divestment of company's Nigrie Cement Grinding Unit, other non- core assets, the board of  debt-ridden JAL has cleared divesting the company's significant cement business.

"In continuation to our letter dated October 9, this is to inform you that the Board of Directors in their meeting held today, the October 10, have, inter-alia, decided to divest the company's Nigrie Cement Grinding Unit as well as other non- core assets," JPVL said in a stock exchange filing on Monday.

"With a view to give thrust to the ongoing efforts of the Company to reduce its debt, the Board of Directors in their meeting held today, have, inter-alia, decided to divest the company's significant cement business," JAL said.